Spot Bitcoin ETFs traded in the US have now witnessed their longest streak of investor withdrawals since their inception. On Wednesday alone, net outflows reached $396.6 million, pushing the uninterrupted wave of exits to 13 consecutive trading days. During this period, the total net outflow topped approximately $4.4 billion.
Record-breaking outflow streak shakes up the market
The recent wave of selling has shattered the previous record, which was set in February when $3.2 billion left funds over eight days. The latest outflow trend began on May 15. Over that same period, the price of Bitcoin slid around 20%, dropping to the $62,400 range.
The spot Bitcoin ETFs listed in the United States are experiencing the longest series of investor outflows since their launch. With Wednesday’s $396.6 million in net exits, the 13-day cumulative loss for these funds has climbed to roughly $4.4 billion.
Among ETF issuers, BlackRock’s iShares Bitcoin Trust fund saw the largest withdrawals. Investors pulled about $3.3 billion from IBIT during the latest 13-day stretch. This amount accounted for nearly three quarters of the total ETF outflows. Fidelity’s Wise Origin Bitcoin Fund experienced net redemptions of around $456.6 million, while the Grayscale Bitcoin Trust ETF lost approximately $303.6 million in the same span.
| Fund | 13-day net outflow |
|---|---|
| BlackRock IBIT | $3.3 billion |
| Fidelity Wise Origin Bitcoin Fund | $456.6 million |
| Grayscale Bitcoin Trust ETF | $303.6 million |
More than 51,700 BTC leave ETFs in a single month
Data shows that US spot Bitcoin ETFs lost more than 51,700 BTC in total assets over the past month. The market value of these redemptions is roughly $5 billion. Despite this, BlackRock remains the largest holder of Bitcoin among ETF providers, with an estimated 786,800 BTC. Fidelity and Grayscale hold the next largest shares.
Mini glossary: A spot Bitcoin ETF is an exchange traded fund designed to track Bitcoin’s price by physically holding the asset. IBIT is BlackRock’s ticker symbol for its US-listed spot Bitcoin ETF.
Debate intensifies over the source of selling pressure
Market analysts remain divided over what triggered the recent downtrend. Bloomberg ETF analyst Eric Balchunas observes that, on a longer-term basis, major institutional players continue to accumulate Bitcoin through ETFs and strategies run by figures like Michael Saylor. According to Balchunas, much of the recent selling may have come from early-stage Bitcoin investors. MicroStrategy, now called Strategy, remains noteworthy for holding a significant amount of Bitcoin on its US-based balance sheet.
Eric Balchunas notes that large institutional buyers are still accumulating Bitcoin in the long run, while much of the recent selling could be attributed to early holders exiting their positions.
Some market observers believe derivatives and leveraged trades have amplified recent price swings. These experts argue that limited on-chain selling activity suggests liquidations and futures market dynamics played a bigger part in the latest volatility.
Structural shift emerges in Bitcoin ownership
Ki Young Ju, founder of CryptoQuant, argues there is a broader transfer of Bitcoin ownership taking place across the ecosystem. According to Ju, early adopters, miners, and long-term holders are passing their coins to institutional investors, ETFs, and participants from traditional finance. While this shift can lead to short-term selling pressure, it may also support stronger demand over time as supply consolidates in hands with a longer-term perspective.
